Gold prices rose by Rs 1,080 to Rs 96,800 per 10 grams in New Delhi on Friday due to increased buying from jewelers amid a strong trend in overseas markets, according to the All India Sarafa Association.
This follows a significant drop of Rs 2,830 to Rs 95,720 per 10 grams for 99.9% purity gold on Thursday.
Additionally, 99.5% purity gold increased by Rs 180 to Rs 96,350 per 10 grams, after a previous decline of Rs 1,930 to Rs 96,170 per 10 grams.
Traders said gold rallied due to fresh demand from local jewellers and a firm trend in the international markets.
Spot gold rose $23.10, or 0.71%, to $3,262.30 per ounce in the global markets.
"Gold prices rebounded strongly with sentiment stabilising amid persistent ambiguity over US-led trade deals," Jateen Trivedi, commodity analyst at LKP Securities, said.
The lack of clarity and shifting stances from the US on ongoing trade discussions has led market participants to unwind short positions in gold, providing fresh upside momentum, Trivedi said, adding that safe-haven interest is returning gradually as a result.
Silver prices also shot up Rs 1,600 to Rs 97,100 per kg on Friday. In the previous close, the white metal had tanked Rs 2,500 to Rs 95,500 per kg. Spot silver rose 0.23% to $32.49 per ounce oin the offshore market.
(With PTI inputs)
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